Quantcast

Lake County Gazette

Wednesday, April 30, 2025

Former state school employee Albus paid in $352K to teachers' pension fund, could collect $7.44M in retirement

Money272

Former state school employee Allen Albus, who retired in July 2016, saved $351,583 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Albus would collect as much as $7.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Albus received $156,433 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Albus will have already received $483,519 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS